Question

How do you feel about bankruptcy? In other words, what would you do if you had to file for bankruptcy?

Answer 1

Bankruptcy is the process of insolvency of the company and filing of those insolvencies in order to get liquidated and I will not be feeling great about it from a personal point of view and from the investor point of view either because it is loss of a reputation and a failed attempt to do the business.

Bankruptcy can either be forced bankruptcies which will be constitutional in nature or it can be done on will also because various companies are willingly wanting to liquidate their business.

Bankruptcy will be meaning that the operations of the companies has came to a halt because it has not been able to pay off its debt repayment schedule and the creditors of the company has filed for returning of their money and the company is in the due process after selling of its remaining stake and assets.

I will be doing to filing and insolvency after taking the adequate steps according to the procedure of banking and insolvency act 2016 which will be helping in order to carry the due process of paying out my Secured creditors and then filing for bankruptcy in order to pay the remaining creditors. I will be trying to protect the interest of as many creditors as I can